Moody's Upgrades Piramal Finance Rating to Ba2

Moody's Ratings has upgraded Piramal Finance Limited's Long-Term Corporate Family Rating and Senior Secured Debt Rating to 'Ba2' from 'Ba3'. This upgrade reflects the company's improved financial and risk profile, including a substantial reduction in legacy assets, enhanced capitalization, and expected profitability improvements. The rating agency also noted the company's diversified funding and improving credit profile, which have led to lower funding costs. This follows a similar upgrade by S&P in February 2026. Piramal Finance has also seen domestic ratings improve to 'AA+/Stable' from CRISIL, ICRA, and CARE. The company recently announced a ₹3,850 crore equity capital infusion.